Vegas casino owner bets $400,000 on March Madness

Las Vegas casino owner Derek Stevens has a fever - March Madness fever.  He bet almost $385,000 for opening-round games of the NCAA playoffs, picking up 18 underdogs in the process.  In total, he bet on 35 different games of the series. 

March Madness is one of the most popular gambling and spectator events of the year.  Stevens, who owns "The D" casino in downtown Vegas, put $11,000 up for each of his bets.  He made the announcement of the bets while in the broadcast booth with Brent Musburger during the latter's March Madness selection show.

Stevens upped the ante over his March Madness bets from last year.  After betting $352,000 on opening round games last season with 20 underdog bets, he took a substantial hit.  His record was a dismal 10-19-3 against the spread, and he ended up in the hole by about $109,000.  He's probably not concerned, though.  After all, he owns a casino in Vegas - recovering his losses should be a piece of cake.

Last year, Stevens dropped $12,500 at the Golden Nugget casino on the Michigan Wolverines to win the NCAA title, despite being 80-to-1 underdogs.  If he had been lucky, he would have pocketed a cool $1 million.  Unfortunately for him, and the team, Michigan lost to the Oregon Ducks at the start of the Sweet 16.

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